2018 Federal Budget Details

The 6 Things You Need to Know About the 2018 Federal Budget

The 2018 Federal Budget was released on May 8, promising a greater focus on improving many essential services in Australia, like transport and health, and offering a bit of money back to tax payers on the lower end of the income scale. Here are the six most important takeaways.

Tax returns for low to middle income earners. From July 1, those earning $37,000 or less will be able to receive up to $200 back in tax, and those on less than $90,000 will receive an offset of $530. The 32.5 percent marginal tax rate will also be shifted to $90,000 from $87,000 in July, providing more tax savings.

Nation-wide infrastructure improvements. In addition to the $75 billion transport investment program, the government also announced a $1 billion Urban Congestion Fund to tackle congestion in cities around Australia. This should result in improved traffic flow and safety.

Increased home care. Over the next four years, Australia's ageing population will see an extra 14,000 home care places created. There will also be $146 million invested to improve aged care access in remote areas.

Business savings. Businesses with a turnover of under $10 million will see the $20,000 asset write-off extended until the next financial year.